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The Markets Now: Stocks Rebound After Yesterday's Sell-Off


Plus, JC Penney may use its real estate to raise cash.

Stocks have remained higher today after their decline yesterday. The Dow (INDEXDJX:.DJI) increased 0.83% to 14,720.61. The S&P 500 (INDEXSP:.INX) climbed 1.05% to 1,568.68, and the Nasdaq (INDEXNASDAQ:.IXIC) rose 1.19% to 3,254.85.

The Bureau of Labor Statistics reported that the Consumer Price Index, or CPI, decreased by a monthly 0.2% in March on a seasonally adjusted basis. Year-over-year, the CPI has increased by 1.5% on an adjusted basis. Read the full report here.

The US Census Bureau and the US Department of Housing and Urban Development reported today that privately-owned housing starts in March increased 7% from February to a seasonally adjusted annual rate of 1,036,000 in March. Year-over-year, housing starts increased by 46.7% over the March 2012 rate of 706,000. The number of privately-owned housing units authorized by building permits decreased 3.9% in March to a seasonally adjusted annual rate of 902,000. Read the full report here.

The Federal Reserve Board of Governors reported today in its Industrial Production and Capacity Utilization report that the industrial production index increased 0.4% from 99.1 in February to 99.5 in March. Year-over-year, the index rose 3.5%. Capacity utilization for total industry increased 0.2% to 78.5 in March. Manufacturing output index declined by 0.1% to 95.7 in March. Read the full report here.

The International Council of Shopping Centers, or ICSC, reported today that its ISCS-Goldman Store Sales Index, which measures comparable sales at major retail chains, fell 1.1% for the week ending April 13. Its report cited wet weather and less business at discount stores as the reasons. Year-over-year sales increased 2.0% for the week ending April 13.

Redbook Research reported today that its Johnson Redbook Index increased 2% year-over-year for the week ending April 13. The index tracks the sales of chain stores, discounters, and department stores.

The US Treasury reported today that it auctioned $45 billion worth of 4-week Treasury bills at a rate of 0.050% with a bid-to-cover ratio of 4.43.

The Coca-Cola Company (NYSE:KO) increased 5.29% to $42.21, ending its two-day climb. Coca-Cola today reported first-quarter net income of $1.75 billion, or $0.39 per share, versus $2.05 billion, or $0.45 per share in the prior year quarter. Excluding one-time items, earnings were $0.46 per share, beating the average estimate of $0.45 per share according to a survey done by Thomson Reuters. Revenue decreased 1% to $11.04 billion.

The soft-drink company also announced that it would sell distribution territory to five independent US bottlers.

Citigroup (NYSE:C) climbed 3.25% for a second day to $46.33 after announcing earnings yesterday that beat first-quarter estimates. Its net profit for the first quarter of 2013 increased 52% year-over-year to $1.1 billion.

Goldman Sachs (NYSE:GS) decreased 1.65% to $144.05. The bank reported a first-quarter profit of $2.2 billion, or $4.29 per share. The average estimate of analysts surveyed by Thomson Reuters was $3.89. Revenue remained flat at $10.1 billion from $10 billion in the prior-year quarter. Analysts expected revenue of $8.35 billion.

LSI Corporation (NASDAQ:LSI) rose 3.23% to $6.40. The company announced the release of its new Axxia 4500 product family of communication processors.

JC Penney (NYSE:JCP) spiked 6.32% to $15.30. The retailer may consider borrowing against its real estate holdings as a means of raising cash, or it may consider selling real estate and leasing the property back to free up cash. The company could offer inventory as additional collateral.

Twitter: @ChrisWitrak
No positions in stocks mentioned.
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